The Petroleum Products Pricing Regulatory Agency (PPPRA), says it plans to begin monthly price modulation for petroleum products to reflect global market indices on April 1.
PPPRA Executive Secretary, Abdulkadir Saidu, disclosed this while briefing newsmen in Abuja, on Thursday.
A new pump price of N125.00 per litre was announced by the Federal Government on Wednesday for Premium Motor Spirit (PMS) also known as petrol.
“The approved price of N125 per litre comes into effect from today and we are going to apply it till the end of the month.
“Then, from April 1, PPPRA will be modulating a monthly price of petroleum products based on the market fundamentals and what the new pricing regime is going to be doing.
“In addition, it is going to be looking at the actual market price,’’ he said.
He said that the agency was working out modalities for new pricing regime adding that new price of N125 per litre would run till the end of March.
He said that the agency would ensure that Nigerians benefited from what was happening at the global oil market.
“The prices are down, therefore, Nigerians should also enjoy this trend of downward in the market, we have looked at the cost of importing product today.
” We have made our own presentation and government has agreed that based on what we have presented , the price should be set at N125 per litre,’’ he said
On complain by marketers that they are at loss with the new price, he said that the agency would continue to engage all relevant stakeholders to ensure full compliance.
“We had series of engagements with all the stakeholders,even before yesterday, we started engaging them and apparently, before making the announcement, we engaged them.
“When there is price increase, everybody will jump and start selling at increased price, but when you start selling at a reduced price, everybody will start complaining.
“Currently, this is part of what we are discussing with the marketers. We are having meetings with every stakeholder in this regard and we are going to sort out,” he said.
According to him, the meeting will be holding soon and all the representatives of all the marketers will be there, particularly the umbrella bodies of MOMAN and DAPPMA.
“We are going to continue to engage them till we get the buy- in of everybody,’’ he said.
A monitoring team of the Agency went on inspection of some filling stations in Abuja to ascertain the level of compliant.
While some marketers have complied, some were still selling at N145 per litre.
OANDO, NNPC retail station and AYM Ashafa filling Stations in Wuse Zone 5 visited by the group were already selling at N125 per liter but Eterna and Total around the same axis were selling at N145 per litre.
Some motorists commended government for the reduction in the price of the product.
Mr Omotosho Joshua at the AYM Ashafa filling station Wuye said he was happy with the development.
“ The move to reduce the price of the product is wonderful. I am very happy on government’s decision that will affect the lives of ordinary Nigerians.
“I believe that the price will come down more, Nigerians are really suffering,’’ he said.
Ms Agnes Jie another motorist, commended President Muhammadu Buhari for the development.
“ I think the development is good, we need to see the president do more things that will benefit ordinary Nigerians,’’ she added.
